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Matthew McGahan, a director at Lottery.com Inc. (NASDAQ:LTRY), recently sold a substantial portion of his holdings in the company. According to a recent SEC filing, McGahan sold 115,000 shares on January 22, 2025, at a price of $0.35 per share, amounting to a total transaction value of $40,250. The stock has since surged to $1.41, marking a remarkable 357% gain over the past week, though InvestingPro analysis indicates the company’s overall financial health remains weak. Following this sale, McGahan retains ownership of 906,487 shares in the company. This transaction is part of routine filings by company insiders, providing transparency to investors about insider activities. With a market capitalization of $16.42 million and trading at just 0.23 times book value, InvestingPro subscribers can access 12 additional investment tips and comprehensive insider trading analysis to make more informed decisions.
In other recent news, Lottery.com has announced several significant developments. The company has expanded its operations to international markets, with plans to generate new revenue by the end of March. This expansion includes partnerships within the gaming space to support customer acquisition and market growth. In addition, the company plans to relaunch its brand domestically and introduce Sports.com to new markets.
Lottery.com has also faced regulatory challenges, receiving a notice of non-compliance from Nasdaq due to a lapse in conducting an annual meeting of shareholders. However, the company has since regained compliance with Nasdaq’s listing standards after filing its overdue Form 10-Q for the period ended September 30, 2024.
Furthermore, the company has appointed a new independent registered public accounting firm, Boladale Lawal & Company, to review its financial reports. This follows the resignation of their previous accounting firm, Yusufali & Associates. Lastly, Lottery.com has entered into a stock purchase agreement with Generating Alpha Ltd., allowing the investor to acquire up to $100 million of the company’s registered common stock.
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